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Burgeoning Bitcoin miner CleanSpark ventures into crypto  trading realm

CleanSpark

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TL;DR

  • CleanSpark to launch in-house Bitcoin trading desk in 2024.
  • Trading focus: CleanSpark targets regulated crypto options for growth.
  • CleanSpark’s 2023 journey: 440% share price surge, $2B market cap.

CleanSpark Inc., a United States-based Bitcoin miner, is reportedly gearing up to launch an in-house trading desk in 2024, aiming to maximize returns from its substantial Bitcoin (BTC) holdings. 

This strategic move is set to leverage the company’s significant Bitcoin balance and capitalize on the growing interest in the cryptocurrency market.

CleanSpark’s bold move: Establishing an in-house trading desk

CleanSpark’s CEO, Zachary Bradford, recently shared the company’s plan to establish an in-house trading desk, signaling a proactive approach to managing their cryptocurrency assets. Bradford emphasized that this decision aligns with the financial interests of the company, given its substantial Bitcoin holdings.

CleanSpark’s move comes on the heels of the company’s announcement in December, revealing that it held 2,575 BTC at the end of November, with a current value of approximately $116 million. 

This substantial cryptocurrency portfolio positions CleanSpark as a notable player in the Bitcoin space, and the company aims to harness its potential through strategic trading and investment decisions.

Trading strategies focused on regulated crypto offerings

CleanSpark’s trading desk intends to implement strategies based on regulated cryptocurrency offerings, including options contracts traded on the Chicago Mercantile Exchange (CME) or its affiliates. By embracing these established and compliant financial instruments, CleanSpark aims to navigate the cryptocurrency market with a structured and secure approach.

The CEO also said that this commitment to secure custody solutions reflects CleanSpark’s dedication to safeguarding its cryptocurrency assets while actively participating in trading activities.

CleanSpark’s impressive journey in 2023

CleanSpark’s foray into cryptocurrency trading comes after an impressive year in 2023. The company’s share price surged by approximately 440%, reaching around $11, thereby elevating CleanSpark’s market capitalization to $2 billion, as reported by Google Finance. 

This remarkable share price appreciation effectively reversed a challenging period in 2022 when the cryptocurrency industry experienced significant market cap fluctuations.

In 2022, the cryptocurrency market faced a tumultuous phase, with its overall market capitalization plummeting to as low as $832 billion following the collapse of FTX. CleanSpark, like many others in the industry, had to navigate this challenging environment, resulting in a nearly 80% share price decline. 

However, the company’s resilience and adaptability ultimately led to a remarkable rebound in 2023, solidifying its position in the market.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

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Lacton Muriuki

Lacton is an experienced journalist specializing in blockchain-based technologies, including NFTs and cryptocurrency. He dabbles in daily crypto news rich with well-researched stats. He adds aesthetic appeal, adding a human face to technology.

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